Retail Sales Down

A touch of “yikes” from the WSJ:

When I was in Switzerland, where luxury goods production is a big deal, a number of people speculated that such items were somehow recession-proof. That didn’t really make sense to me, but apparently I’m not the only one who was told that since Felix Salmon writes that “it wasn’t all that long ago that the luxury segment was supposed to be immune from the plebeian woes of the economy as a whole.” Guess not.